Westchester Capital Management, Inc.
Long book
$496.5M
Q1 2026
Positions
45
Top-10 weight
58%
concentration
Last quarter
+14.0%
SPY +14.8%
Turnover
4%
of book per quarter
Strategy in plain words
auto-generated from filingsWestchester Capital Management, Inc. is a concentrated fundamental stock-picker, running a $496.5M US long book across 45 positions.
The portfolio is concentrated: the top 10 names carry 58% of the portfolio. The book barely moves quarter to quarter — a patient, low-turnover holder. Current anchor positions: CATERPILLAR INC, APPLE INC, WALMART INC, ALPHABET INC-CL A, BERKSHIRE HATHAWAY INC-CL B.
Over the last 9 quarters its long book ran on average 0.4pp per quarter ahead of the S&P 500, beating the index in 5 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+0.1%
Q2 2024
+6.8%
Q3 2024
-1.6%
Q4 2024
+1.0%
Q1 2025
+5.0%
Q2 2025
+10.9%
Q3 2025
+4.8%
Q4 2025
+2.5%
Q1 2026
+14.0%
Sector allocation
Technology 30%
Financials 15%
Consumer discretionary 14%
Healthcare 13%
Industrials 13%
Energy 8%
Utilities 4%
Services media 1%
Long book by quarter
What does Westchester Capital own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| CAT CATERPILLAR INC | Industrials | 58.9K | $41.7M | 8.4% | -0.4% |
| AAPL APPLE INC | Technology | 156.7K | $39.8M | 8.0% | -0.1% |
| WMT WALMART INC | Consumer discretionary | 251.4K | $31.2M | 6.3% | -0.6% |
| GOOGL ALPHABET INC-CL A | Technology | 103.6K | $29.8M | 6.0% | -1.1% |
| BRK/B BERKSHIRE HATHAWAY INC-CL B | Financials | 57.3K | $27.5M | 5.5% | +0.7% |
| MSFT MICROSOFT CORP | Technology | 73.7K | $27.3M | 5.5% | +1.5% |
| JPM JPMORGAN CHASE & CO | Financials | 83.4K | $24.5M | 4.9% | +1.2% |
| ABBV ABBVIE INC | Healthcare | 103.6K | $22.5M | 4.5% | +1.3% |
| BNY BANK OF NEW YORK MELLON CORP | Financials | 184.7K | $21.9M | 4.4% | +7.0% |
| VLO VALERO ENERGY CORP | Energy | 85.7K | $21.2M | 4.3% | -0.2% |
| WM WASTE MANAGEMENT INC | Utilities | 90.3K | $20.8M | 4.2% | -0.1% |
| XOM EXXON MOBIL CORP | Energy | 120.6K | $20.5M | 4.1% | -0.9% |
| CSCO CISCO SYSTEMS INC | Technology | 251.5K | $19.5M | 3.9% | -0.1% |
| LMT LOCKHEED MARTIN CORP | Industrials | 32.2K | $19.5M | 3.9% | -0.3% |
| MCD MCDONALD'S CORP | Consumer discretionary | 51.6K | $16.0M | 3.2% | -0.1% |
| JNJ JOHNSON & JOHNSON | Healthcare | 60.7K | $14.8M | 3.0% | -0.2% |
| MCHP MICROCHIP TECHNOLOGY INC | Technology | 201.1K | $13.0M | 2.6% | +1.4% |
| HD HOME DEPOT INC | Consumer discretionary | 39.1K | $12.9M | 2.6% | +1.4% |
| AMZN AMAZON.COM INC | Consumer discretionary | 42.4K | $8.8M | 1.8% | +2.2% |
| MDT MEDTRONIC PLC | Healthcare | 101.3K | $8.8M | 1.8% | +1.9% |
| CRM SALESFORCE INC | Technology | 46.2K | $8.6M | 1.7% | +2.1% |
| INTC INTEL CORP | Technology | 189.5K | $8.4M | 1.7% | -0.3% |
| PFE PFIZER INC | Healthcare | 281.6K | $7.9M | 1.6% | -0.1% |
| BDX BECTON DICKINSON AND CO | Healthcare | 47.3K | $7.4M | 1.5% | -0.1% |
| DIS WALT DISNEY CO/THE | Services media | 46.1K | $4.4M | 0.9% | 0.0% |
| T AT&T INC | Communications | 121.8K | $3.5M | 0.7% | -0.4% |
| PEP PEPSICO INC | Consumer staples | 14.6K | $2.3M | 0.5% | +9.5% |
| BA BOEING CO/THE | Industrials | 10.4K | $2.1M | 0.4% | Held |
| NVDA NVIDIA CORP | Technology | 11.2K | $2.0M | 0.4% | Held |
| WAT WATERS CORP | Healthcare | 6.2K | $1.8M | 0.4% | New |
| LOW LOWE'S COS INC | Consumer discretionary | 4.0K | $935K | 0.2% | -0.9% |
| CAG CONAGRA BRANDS INC | Consumer staples | 53.4K | $840K | 0.2% | -0.3% |
| META META PLATFORMS INC-CLASS A | Technology | 735 | $421K | 0.1% | +2000.0% |
| VZ VERIZON COMMUNICATIONS INC | Communications | 6.9K | $347K | 0.1% | Held |
| CVX CHEVRON CORP | Energy | 1.0K | $208K | 0.0% | Held |
| AXP AMERICAN EXPRESS CO | Financials | 660 | $200K | 0.0% | Held |
| GOOG ALPHABET INC-CL C | Technology | 540 | $155K | 0.0% | Held |
| KO COCA-COLA CO/THE | Consumer staples | 1.4K | $110K | 0.0% | Held |
| BAC BANK OF AMERICA CORP | Financials | 300 | $15K | 0.0% | New |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 6, 2026 | 45 | $496.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 13, 2026 | 43 | $483.7M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 7, 2025 | 43 | $465.2M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 25, 2025 | 39 | $425.0M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 9, 2025 | 39 | $402.2M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 10, 2025 | 41 | $397.6M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 1, 2024 | 41 | $411.7M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Jul 29, 2024 | 41 | $396.1M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 3, 2024 | 41 | $398.4M | canonical | SEC ↗ |
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